Record result for much-loved Geelong home

Geelong’s most loved home, which reigns over the waterfront of Corio Bay, has set a soaring new price record for the town.

The 157-year-old Corio Villa that is perched above the city’s popular Eastern Beach has sold to a family from the region.

While the exact sale price is unknown, it was being advertised for $5.265 million, putting it well above any other residential sale in Geelong’s history.

An interior shot of the house on Eastern Beach Road.

The median price for a Geelong house was $362,000 in the September quarter, according to the Real Estate Institute of Victoria.

The landmark white mansion that is made from ornate cast iron is considered by locals to be the jewel in Geelong’s waterfront crown, and also one of the state’s most significant historic homes.

It has a 2800 square metre garden block in the established part of Geelong near the yacht club, eastern and botanic gardens, and the promenade.

It has four bedrooms and arguably the best vantage point for views in the town.

Director of Wilsons Real Estate, James Wilson, confirmed the sale but declined to give details of the new owners.

He said Corio Villa had always been a private family home, but Geelong people loved it so much, it was considered a community asset. There had been unprecedented public interest in the sales campaign since it was put on the market in August.

“I would think it’s by far and above the biggest residential sale in Geelong,” Mr Wilson said. “But it’s also by far and away the best residential property.”

“It’s got the best vantage point for views on the waterfront, right on top of the hill.”

He said the new owners would be “good custodians”.

The McAllister family has owned the property for almost 70 years, but it was originally commissioned by Geelong’s powerful Commissioner of Crown Lands, William Gray.

In 2004, Rosslyn and Glenn McAllister purchased it from family members for $2.6 million in what is believed to be the previous record price for Geelong.

Mr and Mrs McAllister told the Geelong Advertiser they were delighted the new buyers had a genuine interest in the house.

“The vendor is really, really happy it has been bought by a family who they feel will love the house and its history as much as they have,” they said.

The Real Estate Institute of Victoria said the highest price reported by agents in the region was $5.7 million at Barwon Heads in 2007, for a house in Riverside Terrace.